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State-owned telecom operator Bharat Sanchar Nigam Ltd (BSNL) on Monday said it has released the November salary for its employees that runs up to ₹800 crore.
The company has also cleared ₹1,700 crore of vendors dues, which had been pending for long.
Outstanding at ₹10,000 cr
“Salaries (for November) for the employees have been released today (Monday) and the amount will be credited to their accounts by today-end or Tuesday morning. We have released ₹1,700 crore to our vendors and contractors for various dues through loans and internal accruals. Our overall outstanding is around ₹10,000 crore,” PK Purwar, Chairman and Managing Director, BSNL, said.
Read: BSNL to pay November salary before year-end
Asked when regular disbursement of salaries will resume, he said it will take three-four months; more clarity will emerge after January 31 when the employees who have opted for the voluntary retirement scheme serve their last day in office, he added.
After January 31, around 70,000 employees will be left in the organisation as 78,569 people had opted for the scheme offered by the government.
In October, the Centre approved a ₹69,000-crore revival package for BSNL and MTNL that involves the merger of the two loss-making firms, monetisation of their assets and a VRS for employees.
The objective is to turn the combined entity profitable in two years.
The two firms will also monetise assets worth ₹37,500 crore in the next three years.
Over the last few weeks, thousands of employees have opted for the VRS rolled out by both the companies.
The debt-laden telecom players are expected to save around ₹8,800 crore annually in salary bills through the exercise.
Fundraising via market
Purwar had recently said that post January 31, things will get streamlined, and BSNL will save around ₹600 crore each in February and March, which will translate into savings of ₹1,300 crore this fiscal alone under the head salaries.
He also said BSNL will raise ₹1,500 crore from the markets to meet its operational expenses.
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